Multi-Family Acquisition in Peoria, Illinois
Today’s Deal Spotlight looks at the loan acquisition of a multi-family property in Peoria, Illinois. Brand new to the market and this type of investment, our clients needed a financing firm with the experience and innovation to fill the gaps they couldn’t. All signs pointed to Terrydale Capital.
What We Were Up Against
In addition to being first-time buyers with limited multi-family investment experience, our clients were from out of state and had no exposure in the target market. This, plus the lack of value-add components, negatively impacted lender confidence.
What Our Team Helped Turn Around
By highlighting the strengths of our clients and identifying a local management group to offset their lack of experience, we built enough confidence with the lender to secure a fixed-term option despite market uncertainty. After closely managing negotiations and communication, Team TDC facilitated a close on the following terms:
- An $899,000 Acquisition
- 5.69% Interest Rate
- 5-Year Loan Term
- 30-Year Amortization
- 75% LTV
- Tertiary Market – Out of State
The team at Terrydale Capital consistently goes above and beyond to secure the best possible refinancing terms for our clients. Are you dealing with issues related to market volatility during COVID-19? Worried about high fees and missing out on better options? We have ways to help. Give us a call and see what we can do for you.
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